Moneyweb losses mount as it creates new businesses

27 Sep 2016

Moneyweb's net loss for the year to June rose to R4.9m from R3.01m previously. Operating loss was R6.1m and headline loss R4.9m.

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The group said it had a difficult trading year with significant drops in advertising revenue especially at its mining website, Mineweb.com, and costs rising in its efforts to create diversified revenue streams.

During the 2015 financial year, Moneyweb invested in a video unit and new digital properties such as The Moneyweb Investor, Moneyweb DRIVE and Property Mogul. It also invested in financial and investment events such as Money Expo.

The group said clients were looking for content-marketing solutions spread across multiple media and social network platforms.

Although it successfully created new businesses, the company said it had "proven to be challenging to quickly convert new investments into profitable ventures and this had led to large cash outlays".

While it intended to capitalise on its investments and turn losses into profit, the company warned that "this is never an easy task especially in a challenging economic environment".

Revenue rose 11% to R28.3m, lifted mainly by video content, content marketing on various platforms, which include events and radio.

"The use of video clips online is continuing to grow as a major source of information consumption," said Moneyweb.

Source: BDpro

Source: I-Net Bridge

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